In an effort to reduce the trade deficit, Vietnam aims to fetch US$31 billion from exports in the second half of this year or a monthly average of US$5.15 billion, according to the Ministry of Industry and Trade (MoIT).
This is an ambitious goal that requires a greater effort from businesses, trade associations and State management agencies, said MoIT Deputy Minister Bui Xuan Khu at a video conference in Hanoi on July 18.
The MoIT has set targets for major export products in the remaining six months of this year. Accordingly, crude oil is expected to bring in US$6 billion, textiles and garments US$5.3 billion, seafood and footwear US$2.2 billion and wood products US$1.6 billion.
The Government has assigned the MoIT to maintain the import value at US$80.2 billion, or US$4.8 billion less than initially forecast. As a result, the trade deficit for the whole year is estimated at US$20 billion, equivalent to about 30 percent of total export value.
Mr Khu said that the ministry will set up a joint team comprised of representatives from customs, banking and financial sectors to help iron out snags for businesses in production and exports. The Government has recently allowed wholly-foreign invested businesses to establish local supply areas for production materials to improve the competitiveness of export products.
According to Mr Khu, in the face of price rises, businesses will have no choice but to boost production, cut down on input spending and increase the competitive capacity and labour productivity. He said the MoIT has asked banks to supply adequate capital at low interest rates for export businesses and those that produce products to replace imports.
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